Mastercard Expands Cryptocurrency Program for Crypto Card Issuers

Jul 20, 2020 16:42 UTC

| Updated:

Jul 20, 2020 at 16:43 UTC

By Ritwik

Mastercard is getting in touch of the cryptocurrency firms as well as boosting them to turn into their partners as chunk of its freshly-stretched cryptocurrency card program.

On July 20, Mastercard held it was making things easier for the Accelerate program for crypto card issuers, sanctioning applicants to be on boarded as partners “in a matter of weeks.“

Now enhanced for crypto card applicants, the Accelerate program gives associates sustenance with their market access, growth & international extension.

New crypto partners will be aided in assimilating Mastercard’s technology & will be in a situation to gain advantage from the firm’s cybersecurity proficiency and market research. However, it is rationalizing access to its program for crypto firms, Mastercard has highlighted that all partners need to be in compliance with its “core principles.“

Including robust consumer protection access (ensuring privacy and security for users), functioning in obedience with applicable laws & principles, like Anti-Money Laundering rules, & establishing an equal platform for all stakeholders.

Raj Dhamodharan, executive vice president of digital asset and blockchain products and partnerships at Mastercard, said:

“The cryptocurrency market continues to mature, and Mastercard is driving it forward, creating safe and secure experiences for consumers and businesses in today’s digital economy.“

Wirex Becomes Mastercard’s First Crypto Partner With Principal Membership:

With getting in touch with crypto card partners, Mastercard has also broadcasted that London-based crypto payment processor Wirex has become the first native cryptocurrency platform to be approved a Mastercard principal membership, which permits it to openly issue crypto payment cards.

Wirex card users will be able to instantly alter their crypto holdings into fiat currency, that can be spent at sale-points where Mastercard is accepted. Thus, the coinage will be fiat currency not the crypto currency.

Wirex CEO and co-founder Pavel Matveev has held that the membership “represents a growing interest and recognition in the acceptance of cryptocurrency by leading bodies and regulators.” He furthered that partnering with Mastercard will help the firm to realize its “vision of empowering everyone to experience a world where all currencies, traditional and crypto, are equal.“

Wirex is controlled by the U.K.’s Financial Conduct Authority & also has a license to issue crypto cards in Europe. Previously, it reached about 3 million active users, noticing that growing users are “not typically hardcore cryptocurrency users.“

Before, associating with Wirex, Mastercard collaborated with blockchain payments benefactor BitPay in June to launch a prepaid card for users in US.

Ritwik